Business & Finance: Down Grade

The railroads of the country continued last week to puff protestingly down the long earning decline which began after the market break last fall. The first 46 roads to report their March earnings rolled down the staggering decrease of 39.5% in net operating income, and 12.7% in gross revenue, as compared with March last year. Outstanding among roads that have reported March earnings to date were the following (figures are net operating income for March):

Santa Fé (but more than 50% of the road's steel for the year has already been laid): 1930, $634,000;...

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